Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-05-11

Element of this harassing question unes-
sayed, deemed it proper to accede to the re-
quest of the commission in that particular,
and adjourned to further session on Sat
urday, or sooner, should the commission be
prepared for further action.
| Your committee deem it proper to refer
| to the criticism to which they have been
subjected for endeavoring to keep the de-
tails of their conferences private until they
could arrive at results which could at once
go to the public. In negotiations of sub
jects involving such large interests as those
involved, giving publicity to the delicate
points discussed, would be likely to great
ly embarrass those conducting them, and
it was the unanimous wish of this commit
tee, and of the commission, that the pro-
ceedings should be conducted as they have
| been.
Your committee wish to pursue the same
policy until they are prepared to make a
final report, which they hope to be able to
do within reasonably few days.
ANOTHER PROPOSITION.
The legislative debt committee met at the
Allen house at 10 o'clock Saturday, when
they received written proposition from
Messrs. Thornton and Braithwaite that the
| State settle with her creditors on the basis
| of an annual interest charge of 5000, 900.
The undiminished principal of the public
| debt of Virginia with capitalization of in
terest exceeds $35, 100000, but the State
owns more than 2,250,000 of new 3's,
| bought with the surplus in the Treasury;
the United States Government holds bonds
and accumulated interest to the amount of
| 81, 800, 900, which the State will never be
| called upon to pay, as Virginia has an off
set for more than that amount ON account
of 1912 war.claims, and the State owns
stock in the Fredericksburg road to a very
large amount, which can be sold and made
| to reduce the principal of the debt. AL
| together it is commended by the bondholders
that the State can at any moment abate the
principal to less than $50, 100000. But,
admitting that this statement is correct,
and that the Legislature and people would
ever acknowledge their obligation for 50
large sum, it is question whether we can
pay $500, 600 per annum interest. Messrs.
Thornton and Braithwaite say We certainly
can. The legislative committee think we
cannot, and SO they rejected the 5000, 900
proposition, and wrote the commissioners
to that effect, and then adjourned until 5
P. nj.
AFTERNOON SESSION OF TIE COMMITTEE.
The legislative committee met at 5 P. NJ,
expecting to hear from Messrs. Thornton
and Braithwaite, but got no answer. They
then adjourned to meet Monday morning
at 10 O'Clock.
From the Richmond State OF Monday.]
The Debt Commission met again this
morning and will hold another session this
afternoon. IG is thought that the session
this afternoon will be the final one, and the
probability for report from our Commits
sion tomorrow was considered very favora-
bic at the Capitol to day. 1t is very gener-
ally known that the two Commissions are
not far apart. Indeed, it is given out to-
day that there is mutual agreement as to
the Riddleberger settlement, including the
rate of interest, but the two commissions
do not exactly agree as to the amount of
certain appropriations The session this
afternoon may result in a satisfactory selu-
ton of the much-vexed question if our
committee can convince the representatives
Of the Council of Foreign Bondholders that
curtailment of the school and asylum APP
preparations is absolutely impossible. 1t is
very apparent now that the two commits
sions are nearer together than they have
ever yet been, and while our commission
ers hope for an amicable settlement this af-
ternoop, there are some legislators who be-
lieve that final settlement is not SO near
at hand.